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Feb 12, 2013
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that results in a lower deficit as you have reported to us. by 2015, the deficit is projected to be $430 billion, the lowest you project over 10 years. that's slightly below the highest deficit president bush ever had in his eight years. and you have gpped growth projected at 3.%, last year was 2.2. but after 2015, three years from now, the deficits start a rise again, increasing every single year almost 10% a year and would more than double over the following eight years to $978 billion, is that correct? >> yes, that's right. >> and you don't see unless something changes, any improvement in the outyears but your report would indicate that your report the upward trajectory -- and is that an unsustainable path? >> as others have said, debt cannot rise indefinitely as a share of g.d.p. and our projections show debt rising relative to g.d.p. in the back half of this coming decade. >> so i think -- and it increases the risk as bowles and simple son told us was inevitable if we don't change this unsustainable path, would you agree? >> in the longer
that results in a lower deficit as you have reported to us. by 2015, the deficit is projected to be $430 billion, the lowest you project over 10 years. that's slightly below the highest deficit president bush ever had in his eight years. and you have gpped growth projected at 3.%, last year was 2.2. but after 2015, three years from now, the deficits start a rise again, increasing every single year almost 10% a year and would more than double over the following eight years to $978 billion, is...
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Feb 12, 2013
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so what's happened to the deficit, the annual deficit? 2008 deficit was $458 billion. too much money. yes. but $458 billion. deficit in 2013, 2012, $1.3 trillion. so what's the problem? ladies and gentlemen, i would suggest to you we have a spending debt crisis, not a revenue debt crisis. and you've got to make the right diagnosis. to put it in a little greater context. we spend about $3.6 trillion as a nation, as a whole each year, $3.6 trillion, about $2.5 trillion, $2.6 trillion is medicare, medicaid, social security and interest on the debt. those four things. the entire federal government, the rest of the entire federal government, everything, everything, post office, roads, transportation, justice, education, energy, defense, everything else is about $1 trillion. you all just heard what the deficit was last year. $1.3 trillion. which means we can do away with the entire federal government with the exception of medicare, medicaid and social security and we wouldn't even balance the budget. that's the magnitude of the challenge that we have. so it's incumbent upon
so what's happened to the deficit, the annual deficit? 2008 deficit was $458 billion. too much money. yes. but $458 billion. deficit in 2013, 2012, $1.3 trillion. so what's the problem? ladies and gentlemen, i would suggest to you we have a spending debt crisis, not a revenue debt crisis. and you've got to make the right diagnosis. to put it in a little greater context. we spend about $3.6 trillion as a nation, as a whole each year, $3.6 trillion, about $2.5 trillion, $2.6 trillion is medicare,...
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Feb 6, 2013
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year per taxpayer to cover our existing deficit. the total tab for the past four years of $1 trillion each year would be about $27,500 a year. back in the sixth district of indiana where i come from, that is a lot of money. i think we it owe it to the taxpayers know what we're doing here in washington. i yield -- i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from maryland seek recognition? mr. van hollen: thank you, madam chairman. i ask unanimous consent to claim time in opposition even though i am not. the chair: the gentleman is recognized. mr. van hollen: thank you, madam chairman. i think it's very useful to let everybody in the country know exactly what the debt and deficit will be on a per capita basis. we in congress can of course do the math. i think it's no problem asking the president to run that calculation as well. again, i want to emphasize the fact there is agreement on reducing the deficit. the real differences here are over how we do
year per taxpayer to cover our existing deficit. the total tab for the past four years of $1 trillion each year would be about $27,500 a year. back in the sixth district of indiana where i come from, that is a lot of money. i think we it owe it to the taxpayers know what we're doing here in washington. i yield -- i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from maryland seek recognition? mr. van hollen: thank...
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Feb 7, 2013
02/13
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the deficit is a big problem. think about it. our national debt, $16.5 trillion. you think that is not a lot of money? count one number per second -- one number per second. how long will it take you to count to 16 trillion? 500-7000 years. -- 500-7000 -- 5700 years. here is a parable -- a family lands on hard times. the father comes to the five children and says, we will have to reduce your allowance. they are not happy about it, but he says, except for johnny and susan, they are special. they get to keep their allowance. in fact, we might give them more. how do you think that will go down? not too well. same thing happens. what about our taxation system? so complex, there is no one who can possibly comply with every tax issue. if i want to get you, i can get you on a tax issue. that does not make any sense. what we need to do is come up with something that is simple. when i pick up my bible, you know what i see? i see the fairest individual in the universe, god, giving us a system. called tight. we do not necessarily have to do it at 10%, but the principle. he di
the deficit is a big problem. think about it. our national debt, $16.5 trillion. you think that is not a lot of money? count one number per second -- one number per second. how long will it take you to count to 16 trillion? 500-7000 years. -- 500-7000 -- 5700 years. here is a parable -- a family lands on hard times. the father comes to the five children and says, we will have to reduce your allowance. they are not happy about it, but he says, except for johnny and susan, they are special. they...
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Feb 5, 2013
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so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the way he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the honor, but i'm only a chairman today. the gentleman is recognized. mr. hoyer: we wish you the best for the future. the chair: thank you. mr. van hollen, may i ask for how long he was recognized? mr. van hollen: i yield four minutes. the chair: the gentleman from maryland is recognized. mr. hoyer: i thank the gentleman for yielding. mr. price of georgia said what the american people want. what the american people don't want is games. this is a game. this is a sham. this is a shame. what the american people want is honest legisl
so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the way he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the...
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Feb 5, 2013
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we need to reduce our deficit and begin paying down our debt. but irresponsible across-the-board sequestration cuts are not the way to do it. i yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from michigan seek recognition? without objection, the gentleman is recognized for one minute. >> mr. speaker, america's manufacturing sector has played an invaluable role over the last century in propelling our economy and creating a strong and vibrant middle class. manufacturing continues to be a bright spot in our economic recovery. since 2010, the u.s. has added over a half a million manufacturing jobs. mr. kildee: that's progress. but in a time where millions of americans continue to struggle, we can and must do more. congress should be working every day to rebuild our economy and create good-paying jobs right here in america not overseas. that's why i support the make it in america agenda, which will strengthen manufacturing and rebuild our infrastructure. it will also m
we need to reduce our deficit and begin paying down our debt. but irresponsible across-the-board sequestration cuts are not the way to do it. i yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from michigan seek recognition? without objection, the gentleman is recognized for one minute. >> mr. speaker, america's manufacturing sector has played an invaluable role over the last century in propelling our economy...
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Feb 6, 2013
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we all want to fix the deficit problem. there's no question. but i think when they have a chance to look at this bill and understand what we're really facing, i don't think we're going to have a problem there. >> sir, how is this different from the proposal of a year ago? >> did we have the pay freeze? [laughter] >> it's different. obviously we had two different versions. the house as i understood it had the attrition of the work force that's in this component. in the senate last time we had a combination of -- instead of for every three positions that came open, only filling one. we had two and a combination of overall pay freeze across the federal government, for over a year. this is different. it combines both so we're on the same page. and we have the house proposal on the attrition and we've also added congressional pay freeze on it instead of the entire civilian work force. >> what makes you think that this time around, that speaker boehner's going to take up this proposal? >> i >> i would defer to others here and the chairman but there's
we all want to fix the deficit problem. there's no question. but i think when they have a chance to look at this bill and understand what we're really facing, i don't think we're going to have a problem there. >> sir, how is this different from the proposal of a year ago? >> did we have the pay freeze? [laughter] >> it's different. obviously we had two different versions. the house as i understood it had the attrition of the work force that's in this component. in the senate...
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Feb 11, 2013
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they're asking us to stop running deficits. they want us to learn these bad habits all over again. . 960 billion commitments and the same amount of payments. any director of a country with tell you that is economic suicide. you should not hide behind david cameron. you are faced with a choice between two opposing camps. he had made it clear what -- you have not made it clear what choice you will make. make the right choice. do not make the cameron option he wants to unravel the european union. you need to come out and say this to your fellow citizens. >> i want to thank you of for having got the budget treaty ratified in parliament. that is a good sign for europe. i looked long and hard. i do not see what happened to your euro growth pact. where have those gone? we are here to talk tand to negotiate. there are points who will not give ground on. there's the question of flexibility. we need a genuine flexibility between budgetary lines and years. that is how we have managed to run the budget properly in the context of austerity
they're asking us to stop running deficits. they want us to learn these bad habits all over again. . 960 billion commitments and the same amount of payments. any director of a country with tell you that is economic suicide. you should not hide behind david cameron. you are faced with a choice between two opposing camps. he had made it clear what -- you have not made it clear what choice you will make. make the right choice. do not make the cameron option he wants to unravel the european union....
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Feb 6, 2013
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this president said he was going to cut the deficit. he went from a $6 trillion economy to a $9 trillion economy. his jobs plan was a complete failure. the democrats talkbout the war on women, yet you have this mr. menendez who flieso a southern country, has sex with an underage gal, and does not want to pay this prostitute. here's a guy who makes all kinds of money. it is ridiculous. the democrats had senator byrd in the race -- in the senate for years and they talk about race. you guys do not seem to be able to get your message across. i know you are frustrated. it is not a spending problem. of course it is a spending problem. we never have budgets like this, throwing money at all times of all kinds of different programs. how many more democrats talk about, i did not cheat on my wife, i only did it when her cancer was in remission. guest: the caller has raised a number of different points. one point, the overarching theme of his call was the frustration he has of republicans getting the message out. i do appreciate c-span allowing us
this president said he was going to cut the deficit. he went from a $6 trillion economy to a $9 trillion economy. his jobs plan was a complete failure. the democrats talkbout the war on women, yet you have this mr. menendez who flieso a southern country, has sex with an underage gal, and does not want to pay this prostitute. here's a guy who makes all kinds of money. it is ridiculous. the democrats had senator byrd in the race -- in the senate for years and they talk about race. you guys do not...
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Feb 7, 2013
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that's just the nature of dealing with the size deficit -- size of deficits that you got. my preference, frankly, is that the congress would do the big deal, get it done, get this behind us, detrigger sequester, some this constant uncertainty, this month-to-month situation where we don't know what the hell we're going to get. that should end. in the absence of that deal, obviously i'll support whatever package you can put together to try to detrigger sequester. whatever you can do to make sure this doesn't happen. i mean, i cannot imagine that people would stand by and deliberately hurt this country in terms of our national defense by letting this take place. >> i'll only add briefly that most of the things we're doing are reversible. that is our goal, that they would be reversible. even if you reverse them it will take sometime, and i can't predict that, we're trying to stretch readiness. i want to make sure you all realize one other thing. we took the decision on the carrier postponement very seriously because there is a human dimension to this. if you're getting ready t
that's just the nature of dealing with the size deficit -- size of deficits that you got. my preference, frankly, is that the congress would do the big deal, get it done, get this behind us, detrigger sequester, some this constant uncertainty, this month-to-month situation where we don't know what the hell we're going to get. that should end. in the absence of that deal, obviously i'll support whatever package you can put together to try to detrigger sequester. whatever you can do to make sure...
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Feb 8, 2013
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you go from the fiscal cliff to the deficit debate to sequestration. that is inherently disruptive to business investment. certainty is a good multiplier. we are these long cycle businesses that have global competition. i do not have the lecture he to say that i will quit investing for six months until this is reserved. -- resolved. i will keep going. the people who can hurt the worst by all of this are the small and medium businesses. the people that have no buffer. that get confused. these are the people that are the heart of the u.s. economy. they are the ones that are constantly being bombarded as we go from one to another. this can only be solved here. this is one of the few cases where the business roundtable of people speak with one voice. it would be great to get a resolution. >> there is a divide in the corporate side on the corporate tax front. large companies would benefit more from corporate tax reform, especially going to a territorial system, then smaller formirirms. it may be hard to convince americans that the president and congress sho
you go from the fiscal cliff to the deficit debate to sequestration. that is inherently disruptive to business investment. certainty is a good multiplier. we are these long cycle businesses that have global competition. i do not have the lecture he to say that i will quit investing for six months until this is reserved. -- resolved. i will keep going. the people who can hurt the worst by all of this are the small and medium businesses. the people that have no buffer. that get confused. these...
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Feb 9, 2013
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all of you should think about forming a bipartisan group in the house to come up with a deficit solution. >> congressman. >> i guess my response to that, it would be this to my think there already is a bipartisan plan that has been laid out there for us to look at. it is not perfect. is this the start. his start. now, candidly it is weak on health care. erskine bowles will tell you that, but i think it is a starting point. i think maybe the answer is it david walker is here he has been vocal on this issue, but maybe we have to do is look at the best aspects of some of the perfect yet -- proposals out there and take those pieces and try to put together a real plan, and it will be bipartisan. at the there is already a foundation out there upon which we can build, so that will be my answer. >> that's a big issue. the biggest threat to our economy is congressional dysfunction. race have to be part of it to my cuts have to be part of it, the pentagon estimate contribution to the effort. we put everything of the table and can get from where we are to where we need to be. that is common-sense.
all of you should think about forming a bipartisan group in the house to come up with a deficit solution. >> congressman. >> i guess my response to that, it would be this to my think there already is a bipartisan plan that has been laid out there for us to look at. it is not perfect. is this the start. his start. now, candidly it is weak on health care. erskine bowles will tell you that, but i think it is a starting point. i think maybe the answer is it david walker is here he has...
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you addressed it today in terms of trust deficit, you said that was unacceptable. you would give straight answers and be blunt and candid. it is not a prerequisite to do that to be director of c.i.a. so i don't hold that as -- it would probably be a red flag if someone had that award and wanted your position. the kind of issues you have to deal with require straight talk, straight answers, and getting to the chase real quickly. you said it is the new jersey way, i accept that, it is bipartisan. governor christie exhibits the same kind of responses and has a pretty high approval rating. so we will go forward with taking you at your word. we will have the kind of relationship where we can have a blunt, straight forward, fully disclosed working relationship. i think it is critical for us to provide oversight, the ability for us to have the right kind of agencies so we know where each other is and move forward together in terms of what needs to be done to provide intelligence to that needs to be done to protect the american people. i wanted to say that. i want to follo
you addressed it today in terms of trust deficit, you said that was unacceptable. you would give straight answers and be blunt and candid. it is not a prerequisite to do that to be director of c.i.a. so i don't hold that as -- it would probably be a red flag if someone had that award and wanted your position. the kind of issues you have to deal with require straight talk, straight answers, and getting to the chase real quickly. you said it is the new jersey way, i accept that, it is bipartisan....
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Feb 4, 2013
02/13
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the problem and the sooner we solve our spending problem, the >> if the budget fails to alleviate the deficit, he will submit plans for how balanced budget ultimately is reached. today, the house returns for debate at 5:00 eastern on c- span. center rakowski called for expanded oil and gas drilling. she is a top republican on the senate energy committee. she wants to use some of the money for clean energy. how >> i am the only one up here and i don't have any charts, but i have a buck. the book you have all been waiting for, we have been talking about it for a year now. thank you for the opportunity to talk a little bit about what we have been doing on the energy committee on the republican side for the past year. it is an effort to focus on energy policy and move forward in no way that is not the same old same old, but really real imagining and refocusing where we could be. it has been an important opportunity for us to really put some considered thought into this proposal. what you have in front of you is better than airplane reading. there are concrete proposals and them. there are results
the problem and the sooner we solve our spending problem, the >> if the budget fails to alleviate the deficit, he will submit plans for how balanced budget ultimately is reached. today, the house returns for debate at 5:00 eastern on c- span. center rakowski called for expanded oil and gas drilling. she is a top republican on the senate energy committee. she wants to use some of the money for clean energy. how >> i am the only one up here and i don't have any charts, but i have a...
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Feb 10, 2013
02/13
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we have made good progress toward reducing the deficit and a balanced way. there is no way we can i keep chipping away at the problem and go with that middle class families and small businesses should suffer because washington cannot come together and eat them eight tax loopholes or --11 eight tax loopholes or government programs that do not work. at a time when economists and business leaders have said the economy is poised for progress, we should not allow a self- inflicted wounds to put the progress in jeopardy. my message is this. let's keep working together to solve the problem and give our workers and businesses the support they need to grow and to thrive. thank you and have a great weekend. >> hi. i am senator lisa murkowski. i want to discuss the tremendous opportunities that await us and the opportunities it. energy has been a source of anxiety since the 1970's. thanks to new technologies, an era of scarcity is giving way to one of abundance. we have a 90 year of supply of new gas to eliminate opec for decades and a broader range of options for alte
we have made good progress toward reducing the deficit and a balanced way. there is no way we can i keep chipping away at the problem and go with that middle class families and small businesses should suffer because washington cannot come together and eat them eight tax loopholes or --11 eight tax loopholes or government programs that do not work. at a time when economists and business leaders have said the economy is poised for progress, we should not allow a self- inflicted wounds to put the...
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Feb 12, 2013
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properly, part of that vision will include the need to solve our deficit challenge and address the looming sequester. that dangerous set of automatic indiscriminant spending cuts that are due to take effect in just under three weeks. but instead of working with democrats to avert the sequester through a big and balanced solution or frankly even a short-term balanced proposal, a growing number of house republicans are instead engaged in a dangerous blame game. majority leader cantor joined in that this weekend claiming that the president is the one who proposed the sequester in the first place. what he didn't say was, of course, the republicans offered a piece of legislation called cut, cap and balance. the sequester was an integral part of their policy proposal. in fact, the sequester was part of a bipartisan agreement instigated by republicans, which we supported. let us not forget, mr. speaker, that it was republican hostage taking, the debt limit, in the 2011 that brought about the budget control act which created the sequester. speaker boehner himself after the deal creating the squers
properly, part of that vision will include the need to solve our deficit challenge and address the looming sequester. that dangerous set of automatic indiscriminant spending cuts that are due to take effect in just under three weeks. but instead of working with democrats to avert the sequester through a big and balanced solution or frankly even a short-term balanced proposal, a growing number of house republicans are instead engaged in a dangerous blame game. majority leader cantor joined in...
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Feb 10, 2013
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you go from the fiscal cliff to the deficit debate to sequestration. that is inherently disruptive to business investment. certainty is a good multiplier. we are these long cycle businesses that have global competition. i do not have the lecture he to say that i will quit investing for six months until this is resolved. i will keep going. the people who can hurt the worst by all of this are the small and medium businesses. the people that have no buffer. that get confused. these are the people that are the heart of the u.s. economy. they are the ones that are constantly being bombarded as we go from one to another. this can only be solved here. this is one of the few cases where the business roundtable of people speak with one voice. it would be great to get a resolution. >> there is a divide in the corporate side on the corporate tax front. large companies would benefit more from corporate tax reform, especially going to a territorial system, then smaller firms. it may be hard to convince americans that the president and congress should invest time in
you go from the fiscal cliff to the deficit debate to sequestration. that is inherently disruptive to business investment. certainty is a good multiplier. we are these long cycle businesses that have global competition. i do not have the lecture he to say that i will quit investing for six months until this is resolved. i will keep going. the people who can hurt the worst by all of this are the small and medium businesses. the people that have no buffer. that get confused. these are the people...
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Feb 11, 2013
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[applause] if you look at what is happening here, it is true that the deficit are going to be below $1 trillion for the first time in several years. and it is true that the new revenues raised in spending that you did not do. it is true that the economy is beginning to grow again. but this is almost like the reverse of what we did in 1993. that is, i was prickly well aware if we raise taxes and cut spending, it could have a dragging effect in the economy. but not nearly as much as spending 40% of the budget paying interest on the debt. not nearly as much as having low growth. at nearly as much as having interest rates that were too high. so our gamble was that the explosive the fact of lowering interest rates, with a booming bond market and having more disposable income over a 5 =-10 year period would more than offset putting the hammer down by raising more money and cutting spending. it turned out to be a good gamble, but it made sense. it will make sense here again. but timing is everything. and so, i think he should have a budget that does not defy our arithmetic but also, and doesn
[applause] if you look at what is happening here, it is true that the deficit are going to be below $1 trillion for the first time in several years. and it is true that the new revenues raised in spending that you did not do. it is true that the economy is beginning to grow again. but this is almost like the reverse of what we did in 1993. that is, i was prickly well aware if we raise taxes and cut spending, it could have a dragging effect in the economy. but not nearly as much as spending 40%...